AMC Entertainment's Q2 Preview Sends Investors Running; Shares Drop 25%
Shares of AMC Entertainment Holdings Inc. (NYSE: AMC), the largest movie exhibitor in the U.S, in Europe, and throughout the world, fell off a cliff Wednesday morning, shedding roughly a quarter of their value after the company gave a preview of its second-quarter results. Hint: It wasn't pretty.
AMC, which owns roughly 1,000 theaters with 11,000 screens, expects to report total revenues for Q2 of between $1.2 billion and $1.204 billion, below analysts' consensus forecast of $1.25 billion. It wasn't the worse-than-anticipated top line that drove the stock lower Wednesday, however -- it was the shocking bottom-line loss. AMC said it expects to report a net loss for Q2 of between $174.5 million and $178.5 million, compared to the net earnings of $24 million during the prior-year quarter. That equates to a loss per share of between $1.34 and $1.36, compared to the earnings per share of $0.24 during the prior year.
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Source: Fool.com
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